1361. The principal auditor, as per clarification issued by the ICAI, does not have any right to October 4, 2025 by Admin A. Inspect working papers of the branch auditor B. Visit branches C. Seek information necessary for audit purposes D. Incorporate the branch audit report in his audit report ✅ The correct answer is option A.
1362. The term of the auditor ship of first auditor would be from the date of appointment till__ October 4, 2025 by Admin A. the conclusion of statutory meeting B. the conclusion of first annual general meeting C. the conclusion of next annual general meeting D. the date of removal ✅ The correct answer is option B.
1363. The auditor has a right to October 4, 2025 by Admin A. Obtain information and explanation B. Obtain information and explanation from the employees and officers C. Obtain information and explanation necessary for the purpose of audit D. Both (b) and (c) ✅ The correct answer is option D.
1364. A statutory auditor has a right of access at all times to October 4, 2025 by Admin A. Books and accounts of a company B. Books, accounts and documents of the company C. Books, accounts and vouchers of the company D. Notices and documents of the company ✅ The correct answer is option C.
1365. Who out of the following cannot be appointed as a statutory auditor of the company? October 4, 2025 by Admin A. Erstwhile director B. Internal auditor C. Relative of a director D. Only (b) and (c) ✅ The correct answer is option B.
1366. The retiring auditor does not have a right to___ October 4, 2025 by Admin A. make written representations B. get his representations circulated. C. be heard at the meeting D. speak as a member of the company ✅ The correct answer is option D.
1367. Which of the following statements is not correct regarding removal of first auditor before expiry of the term? October 4, 2025 by Admin A. He is removed at a general meeting B. The shareholders are authorized to do so C. The approval of the Central Government is required for such removal D. The provisions for such removal are contained in section 224(7) ✅ The correct answer is option C.
1368. Which of the following will not lead to creation of secret reserve? October 4, 2025 by Admin A. Undervaluation of closing stock B. Charging capital expenditure to revenue C. Goods sent on consignment being shown as actual sales D. Charging higher rates of depreciation on fixed assets than actually required ✅ The correct answer is option C.
1369. Which of the following is a revenue reserve? October 4, 2025 by Admin A. Capital redemption reserve B. Security premium account C. Debenture redemption reserve D. Capital reserve ✅ The correct answer is option C.
1370. A company has bought patents. Which of the following methods is most suitable for providing depreciation on them? October 4, 2025 by Admin A. SLM B. WDV C. Sum of year digits D. Any of the above ✅ The correct answer is option A.